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Many collectors are unaware that the individual numerical listings in Coin World’s Paper Money Values magazine reflect variations within each paper money type such as the design on the note; the size, color, placement or shape of the Treasury seal; the Federal Reserve bank designation; or even the signatures of government or bank officials (click for list of paper money signers).
The numbering system used in Coin World’s Paper Money Values magazine is the same one used in Paper Money of the United States by Arthur and Ira Friedberg, which is considered the standard, universally accepted method of describing and cataloging United States paper money.
These catalog numbers are used as a shorthand method of systematically identifying a particular note based on its design, series and signature combination. Each Friedberg number represents a unique combination of these factors.
U.S. paper money can be categorized by size – large- and small-size – and type of currency, such as large-size silver certificates, large-size legal tender notes (United States notes), Treasury notes, small-size silver certificates and small-size Federal Reserve notes are separate categories. After size and type, the magazine’s values listings are then arranged in ascending order of denomination within each type, and by series within each denomination. Large-size notes are listed primarily by type and series, with some exceptions. All regular issue small-size notes are listed.
Series date
The year date or “Series” printed on U.S. paper money, unlike coins, seldom designates the year of issue. According to the Bureau of Engraving and Printing (the government agency that prints U.S. paper money) a series date without a suffix letter can indicate the year production started after approval of the original design or when there was a major revision to the design or when there was a change in the way the notes were printed. And unlike the dates on coins, the series date does not change every year. For example, Series 1990 notes, bearing new anti-counterfeiting devices approved in 1990, did not enter circulation until 1991, and were printed for several years after 1991.
The BEP has followed different practices over the years in reflecting minor changes such as the printed signatures of government officials appearing on most notes.
Large-size notes will often have many signature combinations under a single series designation, with the series date changed only when new designs were introduced.
For many years for small-size notes, a suffix letter was added to the series date (from Series 1928 to 1928A, for example) or increased (from Series 1928A to 1928B) when the only change to a note was to one or both of the printed signatures, or a minor design change was introduced.
Today, the standard practice has been to change the series date also when a new Treasury secretary takes office, and to add or increase a letter suffix (for example, Series 2003 notes were followed by Series 2003A notes) when a new U.S. treasurer takes office. The printed signatures of both individuals appear on current U.S. paper money.
Star notes
When a note is found defective in some manner in the course of manufacture, it is replaced with a “star” note – a note bearing a star either before or after the serial number. In all other respects, the star note is indistinguishable from the regular notes and worth the same face value.
On small-size Federal Reserve notes, the star appears after the serial number in place of the suffix letter normally found. On all other issues, the star precedes the serial number. Star notes are indicated in the Small-Size Notes section of Coin World’s Paper Money Values by an asterisk (*) appearing after the catalog number.
Printing plants
Beginning with the Series 1988A notes in the early 1990s, the BEP has produced notes at both its Washington, D.C., headquarters and at its Western Currency Facility in Fort Worth, Texas. Notes produced at the Texas plant are readily identified by the appearance of the small letters “FW” (in the lower right corner of the face of the pre-Series 2004 notes and in the upper-right corner of Series 2004 $20 and $50 FRNs). The FW facility mark, as it is called, is positioned next to a larger letter and number (the “check letter” and “face plate number”).
Web notes
From 1992 to 1995 the BEP conducted an unsuccessful experiment, printing some $1 Federal Reserve notes in Washington using a web press (a roller-style press), rather than the standard sheet-fed press. This would have theoretically been a cost savings since both sides of the note were printed at once from a roll of paper. In contrast, the standard method prints 32-subject sheets in individual operations, often separated by a day or more of time to allow the ink to cure. Though the experiment proved unsuccessful, and the web press was taken out of operation, dismantled and sold to a private buyer, the notes themselves are highly collectible.
Large-size U.S. paper money
Demand notes of 1861 are the first and earliest issue of federal United States currency. They constitute one of the few United States paper money issues that do not bear the U.S. Treasury seal (the fractional notes also lack the seal). The serial number is imprinted only once on the face of these notes; most U.S. paper money bears the serial number printed twice.
Legal tender issues (United States notes): The first of five large-size issues bears the date 1862. They were authorized through 1923. The first three issues were designated legal tender notes, with all but one series of the fourth issue and all of the fifth issue designated United States notes.
Compound interest Treasury notes are legal tender notes. These notes bore interest at 6 percent compounded twice a year for a period of three years. They were first authorized in 1863. All had bronze overprints.
Interest-bearing Treasury notes are the rarest of all issues of American paper money. They were first issued under the Act of March 2, 1861, and last issued in 1865.
Refunding certificates: In 1879 the U.S. government authorized $10 refunding certificates that paid 4 percent annual interest.
Silver certificates were first authorized in 1878, with five large-size issues. They were redeemable in silver coins.
Treasury or coin notes were authorized in 1890. They were issued in denominations from $1 to $1,000 and were originally used to purchase silver bullion. They could be redeemed either in gold or silver coin at the discretion of the Treasury secretary.
National bank notes: The National Banking Act of 1863 authorized a chartered bank to issue national bank notes equal to 90 percent of the federal bonds deposited with the government. All notes feature the issuing bank’s charter number. Thousands of banks throughout the United States were chartered and issued national bank notes.
Federal Reserve Bank notes were produced in two issues, the first in 1915 and again in 1918. Not all banks within the Federal Reserve System issued Series 1915 notes but all Federal Reserve banks issued Series 1918 notes. They differ from Federal Reserve notes in that the obligation to pay the bearer is made by the individual bank and not the United States.
Federal Reserve notes: The Federal Reserve Act of 1913 authorized all Federal Reserve notes, including those produced today. The federal government bears obligation to pay the bearer on demand, not the Federal Reserve Banks.
National gold bank notes of California are a special kind of national bank note, redeemable in gold coin, paid by the issuing banks. The gold-tinted notes were authorized to alleviate the burden of handling gold coins. Nine banks in California and one in Boston were authorized to issue them in denominations of $5 to $500.
Gold certificates were produced in nine issues, but only four circulated widely. They were issued from 1865 through 1913. Gold certificates were redeemable in gold coins.
Fractional currency: Fractional notes, bearing denominations under one dollar, provided “change” for merchants and their customers during the Civil War and Reconstruction era, a period of coin hoarding. Five denominations circulated: 5, 10, 15, 25 and 50 cents. They were first authorized in 1862 and their release continued into 1876.
Small-size U.S. paper money
United States notes were first issued in 1928 in denominations of $1, $2, $5 and $100. They were issued continuously through 1966.
Silver certificates: $1, $5, and $10 silver certificates were issued between 1928 and 1953. After June 24, 1968, silver certificates were no longer redeemable for silver coins or bullion.
National bank notes: $5, $10, $20, $50 and $100 national bank notes were issued in two types, from 1929 to 1935. On the first type, the charter number appears twice while the second issue notes have the charter number printed four times.
Federal Reserve Bank notes were authorized in 1933 as emergency money, needed because of the widespread withdrawal of Federal Reserve notes. National bank notes with the date 1929 were adapted for this issue. The first notes were issued two days after Congress authorized them.
Federal Reserve notes were once printed in denominations of $1 through $10,000 but the $100 is the largest denomination printed today. They have been the only form of U.S. paper money issued since the mid-1960s.
World War II emergency notes: After the Japanese attack on Pearl Harbor, several different series of $1, $5 and $10 silver certificates were printed with brown Treasury seals rather than with the usual blue, and overprinted on the face and back with HAWAII. U.S. government officials believed that if the enemy successfully occupied the Hawaiian Islands, currency in circulation needed to be distinctly identified.
Those involved in military operations in North Africa and Sicily used several different series of $1, $5 and $10 silver certificates printed with yellow Treasury seals. The distinctive seal would serve the same purpose as the overprinted HAWAII if substantial amounts of the notes fell into enemy hands.
Gold certificates: Three series of small-size gold certificates were issued (1928, 1928A and 1934) in up to nine denominations ($10, $20, $50, $100, $500, $1,000, $10,000 and $100,000). Surrender of all gold certificates (large- and small-size) was required under the Gold Reserve Act of 1933, and private ownership was banned. On April 24, 1964, the U.S. Treasury made it legal for collectors and others to once again own most of these notes.